WPTE Directors Decide Company Will Remain Independent
Comprehensive review concludes standing alone will help enhance shareholder value
Wednesday 6th September 2006
WPT Enterprises (WPTE) has announced that, following a comprehensive review of its strategic alternatives with the assistance of its financial advisor, it will remain independent and continue to pursue a stand-alone business strategy. The Board of Directors and management believe that the successful execution of this strategy provides the opportunity to enhance shareholder value.
It was decided that the Company possesses a number of significant near and long-term value drivers, including opportunities for continued improvements in its current revenue and earnings generators, including new sponsorships for Season Five of the World Poker Tour television series and a re-launch of its online gaming business in 2007.
'We are pleased with the progress we continue to make in growing our business and the WPT brand,” said Steve Lipscomb, founder and chief executive officer of WPTE. “During the second quarter we delivered a combined nineteen World Poker Tour and Professional Poker Tour episodes and added several new sponsors.”
“Additionally, we recently announced our plans to re-build our online gaming business using technology from CyberArts,” Lipscomb continued. “We believe that the global poker industry continues to provide opportunities for our growth, and we are very optimistic about our future as an independent company.'
WPT Enterprises (WPTE) has announced that, following a comprehensive review of its strategic alternatives with the assistance of its financial advisor, it will remain independent and continue to pursue a stand-alone business strategy. The Board of Directors and management believe that the successful execution of this strategy provides the opportunity to enhance shareholder value.